Octopus Energy raised $800m from its shareholders, valuing the company at almost $8bn. This comes just weeks after Octopus Energy became Britain’s largest power supplier.
Existing investors such as Tokyo Gas of Japan and Al Gore’s Generation Investment Management have invested extra money in the utility company, whose value has risen by 60% since the last fundraising round, two years ago.
The company stated that the investment is expected to create “3,000 jobs green” in the UK by 2024.
Earlier this month, Octopus entrepreneur with a number of ventures, including a tech company that sold for £4.5m to a customer in 2006. Octopus was founded in 2015 by Greg Jackson, an entrepreneur who has had several ventures, including a customer relationship tech business sold for £4.5m in 2006.
Octopus was one of a number of new companies that tried to disrupt the existing gas and electricity providers in the United States. Nearly 30 suppliers have collapsed due to a spike in wholesale gas prices.
Octopus has seen its growth boosted by its acquisition of Bulb Energy last year, which was dissolved into a government administration in a agreement that was challenged in court by competitors.
data from industry regulator Ofgem showed that Octopus had a higher share of the domestic energy supply market than British Gas, at 21.3%.
Jackson emphasized the company’s eco credentials when announcing its fundraising. “With the renewed dedication seen at cop and the proven model, we will accelerate our growth to create a truly international clean energy giant.”
Origin Energy, an Australian company, and the Canada Pension Plan Investment Board participated in the fundraising. Frank Calabria said that the investment was a success.
Jackson has been an enthusiastic advocate for the rollout heat pumps in the UK. Keir starmer, if the Labour Party gains power, will be forced to outline his plans in order to implement the technology. is calling for low-income families to receive a free electric heating pump as a replacement for their gas boiler.
Rachel Reeves and the Labour leader, John McDonnell, visited an Octopus facility at Slough in early this year to see the technology that the company is developing.